Property tax advisors assist companies in lowering their taxes and administrative expenses. They also help homeowners determine their property values and specialize in one or more property tax consulting areas.
While some businesses opt to administer their property taxes without a consultant’s assistance, others seek professional advice from experts like P3 Cost Analysts to reduce tax burdens and comply with local regulations.
If you are looking to work with a property tax consultancy, you need to evaluate both the benefits they provide and their problems for your business.
Jurisdictions Require Information
In addition to filing your appeal and planning for the next property tax appraisal managing a property requires a lot more. You’ll most likely have to make additional contacts with the authorities during the year. Requests for data, site inspections and other questions about your properties can arise more and more throughout the year. This is particularly troublesome if you have several properties in your portfolio.
Consider what would happen if you had 50 properties and received requests for information on each of them. All of them necessitate a fast turnaround. When you work with an experienced property tax consultant like P3 Cost Analysts, they will answer these questions as they arise, which can happen many times.
All Set for a Property Exam
If you need to file an appeal after receiving your property tax valuation, you normally have a brief window of time – often as little as 15 days – to do so. If you are working with a property tax specialist, you’ll save time during the appeal process.
The specialist will help you determine your home’s taxable value while also working to save you money on taxes. Rather than getting caught off guard when your assessment arrives, you should be more vigilant and have a property tax specialist working on your behalf.
The Success Rate of Your Appeals Increases
A successful property tax appeal requires the ability to study and plan your case, as well as the ability to present your case persuasively. An appeal that will successfully challenge your authority needs more than a PowerPoint presentation and completing some paperwork.
To help your request for a lower assessment, you’ll need access to industry data and sector comparisons. A property tax specialist has access to these opportunities that most owners do not. Make sure you have a great advocate fighting for you to save as much money on your property taxes as possible.
When it comes to choosing a property tax expert, there are five things to consider.
Reduction in the Average Market Value
It’s not just about ensuring that clients save money; it’s about “how much money?”. Look for a property tax advisor who consistently saves the most money for their clients. When you file an appeal, ask for their overall market value decrease or the “amount of value they will reduce assets by”.
The Success Rate of Appeals
One of the most common ways a property tax specialist saves you money is by appealing to property value assessment changes. You’ll want to find a partner with a high success rate for appealing on behalf of clients.
The Total Amount of Square Footage Controlled
You probably don’t have the right time or resources to pay the taxes for several assets, so you’ll need the help of a property tax specialist. Please inquire about the number of square feet of client property that prospective advisors oversee and their capacity to manage more. Your lawyer must have the time and money to devote to your property tax management.
Jurisdiction and Local Expertise
Since state property tax laws differ, not all property tax experts operate in every state. If your company moves into new jurisdictions, having an attorney who works in all states is beneficial. You won’t have to look for a new property tax specialist, and your lawyer will also advise you on which states have the highest property tax rates.
Experience in a Variety of Industries
Ascertain that your partner is knowledgeable about the types of properties that apply to your company. Managing property taxes for a hotel, for example, is not the same as managing property taxes for an office building.
Find a property tax specialist familiar with your industry and understanding your specific property tax management needs.
Final Thought
When you can outsource property tax administration to a professional, it’s beneficial not to do it yourself. The difference in property tax savings can be in thousands of dollars. You need to be aware of the strategic questions to pose and the metrics to assess.
You’ll be one step closer to securing future tax savings if you use the points mentioned above as a checklist to find the right property tax advisor for your business.
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